Staff profile

Arzé Karam is Associate Professor of Finance at Durham University, where she also serves as Director of Quantitative Research in the Financial Economics Centre. She holds a Ph.D. in Finance from the University of Paris X (summa cum laude), a master from University of Toulouse and has held academic positions at Queen’s University Belfast and short research visits at Georgia State University and Harvard University.

Her research interests span market microstructure, asset pricing, information in financial markets, experimental economics, machine learning applied to finance, data science, quantum computing for finance, and climate finance. Her work has been published in leading journals. She is currently developing research at the intersection of finance and technology, including quantum walk models of extreme market events, machine-learning based metrics for market crash detection and blockchain-based metrics such as the Ethereum Urgency Score. 

Dr. Karam has presented her work at major international conferences, and has been invited to deliver seminars and expert training sessions . She has been recognised for her contribution to regulatory debate and with awards for innovation and impact in research, as well as teaching excellence, and has secured competitive research funding, including an EPSRC Sustainable Industries grant as project lead.

At Durham, she has supervised and examined Ph.D. students who have gone on to placements in academia and industry, and she contributes actively to program leadership, doctoral training, and interdisciplinary collaboration including with Physics and Law departments. Beyond her academic work, she engages with regulators and policymakers on issues of liquidity, financial stability, and market design, contributing to the dialogue between academic research and practice.

Mini Biography

Arzé's main research interests are in Market Microstructure, Asset Pricing, FinTech, Data Science, Machine learning applied to Finance, Climate Finance, and Quantum Finance.

• Market Microstructure
• Blockchain-Based Markets
• Asset Pricing
• FinTech
• Climate Modelling
• Quantum Finance
• Information and Financial Markets
• Experimental Economics
• Machine Learning

Journal Article

• Non-standard errors
  
  Bogoev, D., Karam, A., & et al. (2024). Non-standard errors. Journal of Finance, 79(3), 2339-2390. https://doi.org/10.1111/jofi.13337
• Two-period duopolies with forward markets
  
  Cox, C., Karam, A., & Pelster, M. (2022). Two-period duopolies with forward markets. Review of Industrial Organization, 60(1), 29-62. https://doi.org/10.1007/s11151-021-09839-6
• Dealers' incentives to reveal their names
  
  Karam, A. (2022). Dealers’ incentives to reveal their names. Financial Review, 57(1), 27-44. https://doi.org/10.1111/fire.12229
• The effects of intraday news flow on Dealers' Quotations, Market Liquidity, and Volatility
  
  Karam, A. (2018). The effects of intraday news flow on Dealers’ Quotations, Market Liquidity, and Volatility. International Journal of Finance and Economics, 23(4), 492-503. https://doi.org/10.1002/ijfe.1634
• The effects of intraday news flow on market liquidity, price volatility and trading activity
  
  Karam, A. (2017). The effects of intraday news flow on market liquidity, price volatility and trading activity. Economics Bulletin, 37(4), 2354-2363.
• Detection of algorithmic trading
  
  Bogoev, D., & Karam, A. (2017). Detection of algorithmic trading. Physica A: Statistical Mechanics and Its Applications, 484, 168-181. https://doi.org/10.1016/j.physa.2017.04.157
• Social preferences and cooperation in simple social dilemma games
  
  Cox, C., Karam, A., & Murphy, R. (2017). Social preferences and cooperation in simple social dilemma games. Journal of Behavioral and Experimental Economics, 69, 1-3. https://doi.org/10.1016/j.socec.2017.05.002

Working Paper

• Intraday Momentum Trading and Liquidity Crises
  
  Bogoev, D., & Karam, A. (2023). Intraday Momentum Trading and Liquidity Crises.
• European Gas Markets, Trading Hubs, and Price Formation: A Network Perspective, Cambridge Working Papers in Economics CWPE 1964 / Electricity Policy Research Group Working Paper EPRG 1922, May, Faculty of Economics, University of Cambridge.
  
  Woroniuk, D., Karam, A., & Jamasb, T. (2019). European Gas Markets, Trading Hubs, and Price Formation: A Network Perspective, Cambridge Working Papers in Economics CWPE 1964 / Electricity Policy Research Group Working Paper EPRG 1922, May, Faculty of Economics, University of Cambridge.